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Withdrawal of legal tender character of existing Rs. 500/- and Rs. 1000/- Bank Notes (Specified Bank Notes) into bank accounts

Withdrawal of legal tender character of existing Rs. 500/- and Rs. 1000/- Bank Notes (Specified Bank Notes) into bank accounts

Notification dated 19.12.2016

  • Tenders of the specified bank notes in excess of Rs. 5000/- will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning the tenderer, on record, in the presence of at least two officials of the Bank, as to why this could not be deposited earlier and receiving a satisfactory explanation.
  • Tenders of specified bank notes up to Rs. 5000/- will be allowed to be credited to bank accounts in the normal course till December 30, 2016. Even when tenders smaller than Rs. 5000/- are made in an account and such tenders taken together cumulatively exceed Rs. 5000/-, they may be subject to the procedure as stated above.
  • The above restrictions shall not apply to tenders of specified bank notes for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yogana, 2016.

 

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